Songwon and Tangshan Baifu sign agreement to establish a joint venture for the manufacturing and sale of Thioester antioxidants
At a press conference held in Düsseldorf, Germany during the K 2010 exhition, Songwon Industrial Co., Ltd. and Tangshan Baifu Chemical Co. Ltd. signed the agreement to establish a joint venture to manufacture and sell Thioester antioxidants. The new company will be named Songwon Baifu Chemical Co. Ltd. and will be operational effective Q1, 2011, subject to all necessary legal approvals. The new company will have a capacity of 6.000 tons of Thioester antioxidants. Songwon will initially own a 30% share of the new company with the option to expand its shareholding to 50%. The joint venture will sell the Thioester products directly to the Chinese market, however, it will use the Songwon global network for all sales outside of China.
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